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Why are people afraid that inflation is about to get out of control? Because they’re always afraid that inflation is about to get out of control.

He’s right: it’s hard to find someone who’s worried about inflation right now who isn’t always worried about inflation. If you stay worried about inflation for decades, of course, eventually you’ll be able to claim justification. But I’d take you much more seriously on the subject of inflation today if you hadn’t told me all the way through the Fed rate cuts of 2007 and 2008 that each one was about to unleash monster inflation and was a Really Bad Idea. If we’d been listening to the likes of Barry Ritholtz, we’d still have Fed funds at 5% today.